This invention relates to novolak resins, a novel process for making such resins and photoresists formulated using such resins as a binder. The resins are prepared from a mixture of a monooxymethyl and a bisoxymethyl phenolic compound reacted with another reactive phenol to produce an alternating copolymer. The addition of the monooxymethyl phenolic compound to the reaction mixture permits control and prediction of polymer dissolution properties and photospeed of a photoresist formulated using the resin. The alternating copolymers of the invention may be used alone or in blends with the same or other novolak resins and photoactive compounds to formulate a photoresist product.